Budget Master version 3.77 (32bit and 64 bit) is now available for download*.
Version 3.77 has been updated for changes to 2022-23 NI Rates introduced by the October mini budget.
In summary the increase to the main NI rates from 13.8% to 15.05% was reversed from 6 November 2022. This created the need for a weighted average rate which we have calculated as follows:
From |
To |
Days |
Percentage |
Weighted average |
01/04/2022 |
31/10/2022 |
214 |
15.05% |
8.8238% |
01/11/2022 |
31/03/2023 |
151 |
13.80% |
5.7090% |
365 |
14.53% |
We have added 3 new NI options which you can select from System Preferences:
All of these options use the latest published formulae.
2022-23 15.05%
This is the original 2022-23 NI rates before the mini budget
2022-23 Nov-22
This uses the weighted average described above
2022-23 13.8%
This option gives the full year at 13.8% levels.
We thought this would be useful to be able to calculate the cost of the reduced rate going forward if you need it.
Full details of the update have been sent to registered users. If you did not receive the email and would like to be added to the distribution list please contact helpdesk@inscopesolutions.co.uk
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